India secures 60 days of oil supply amid disruptions

India has successfully secured crude oil supplies for the next 60 days, ensuring domestic fuel stability despite significant disruptions in the Middle East. As the world's third-largest oil consumer and importer, the nation typically relies on the Middle East for over 40% of its imports. However, ongoing geopolitical tensions involving the United States, Israel, and Iran have severely impacted shipments through the Strait of Hormuz.

To mitigate the shortfall, the government has turned to global markets, particularly in the Western hemisphere, where higher availability has helped offset the deficit. Indian refiners have also utilized a temporary waiver from the American government to increase purchases of crude from Russia, securing millions of barrels to bridge the gap. The oil ministry noted that the country is currently receiving more crude from its network of over 41 global suppliers than it previously did through the Hormuz route.